"Buydowns" - Interest Rate Reduction
A buydown is basically paying a fee (buying) to reduce (down) the interest rate and/or payments on a mortgage. For example, a Lender may offer a rate of 6.75% with no "points," with the option of paying 1 "point" (each point is represented by 1% of the loan amount) to receive a rate of 6.375%. Ask ...
(Posted: 9/12/2006 10:59:18 AM) Permanent Link
Tags: [interest rate]
Bad Credit Loan
There are many programs available for individuals with bad credit. Typically, the interest rates are higher than other programs for people with good credit. A competent mortgage broker should be able to give you your options. ...
(Posted: 9/12/2006 10:59:15 AM) Permanent Link
Tags: [bad credit, poor credit]
Credit rating
In general, the higher your credit rating, the lower the interest rate you'll pay on your mortgage. The main factor in obtaining a high credit rating is to pay your bills on time. Even one missed payment can drop your credit score significantly. ...
(Posted: 9/12/2006 10:59:05 AM) Permanent Link
Tags: [credit rating, credit score]
Comparing Loan Offers
I've received various offers from different lenders. Why is there such a difference between all of them? What should I look for to help me select the best loan for me? ...
(Posted: 9/12/2006 10:58:58 AM) Permanent Link
Tags: [loan offers, different options]
Home Improvement
Increase home value vs marketabilty
When contemplating a home improvement project it is important to understand the difference between improving the marketablity of your home versus actually increasing the value of your home.
While any improvement to your home inexpensive or expensive ...
(Posted: 9/12/2006 10:58:55 AM) Permanent Link
The fixed period on my ARM loan is expiring
When the two or three year period on most ARM mortgages from "subprime" type lenders expire, your interest rate and payment will very likely go up here in 2006. The method used to calculate the new interest rate and payment is specified in a document called the Adjustable Rate Rider, however most w ...
(Posted: 9/12/2006 10:58:54 AM) Permanent Link
Tags: [arm, adjustable mortgage, 2 year fixed]
Creative ways to buy a house
One way to buy a house creatively would be to have the seller hold back a 2nd mortgage. For instance, if you're buying a $100,000 house and your mortgage company approves you for 90% financing, you'll still need to come up with $10,000. You could have the seller "loan" you the money, and you would ...
(Posted: 9/12/2006 10:58:49 AM) Permanent Link
Tags: [creative financing]
Frequently asked questions about loans
Will I need an appraisal?
Most loan programs will require a new appraisal. Sometimes, with good credit borrowers, the bank will waive the appraisal requirement but usually, the bank will want a new appraisal done to get a current value estimate. ...
(Posted: 9/12/2006 10:58:41 AM) Permanent Link
Tags: [loan faq, mortgage faq]
This
is not a commitment to lend. Restrictions may apply. Information
is subject to change without notice. All loans are subject
to credit approval. Equal Housing Opportunity.